The Asset Audit for 2022 was undertaken for the Financial Advisory Meeting (FAG) held in October 2022, and was endorsed by the Full Council at their meeting on 17 October 2022.
Most items on the Register are subject to annual assessment and to eventual replacement. The value of assets owned by the Council are usually reduced on a stated sliding scale each year, to a nominal value of one pound. The main exception to this declining value is the principal asset listed, the Village Hall, for which a potential replacement value is assessed.
The Village Hall is managed by the separate Village Hall Management Committee, a registered charity operating under a Deed of Trust. The Parish Council nominate members to this Committee and also act as the Guardian Trustees, effectively being “the owners” of the Village Hall acting on behalf of the Parish.
Many smaller items listed in the Register are subject to loss and breakages (eg litter pick sticks), whilst other originally large-ticket items may eventually become outdated and redundant (eg disused and replaced electrical items). Once an item clearly no longer has a value, has been broken / lost, has been replaced or is no longer in use, it may be removed from the Register following FAG review.